Veltex Corporation Reports Net Income Growth of Over 270% for the First Half of 2004
CITY OF INDUSTRY, Calif., Sep 23, 2004 /PRNewswire-FirstCall via COMTEX/ --
Veltex Corporation (OTC: VLVT), today announced record second quarter net income
of $2.0 million, or $.01 per share. Total net sales for the quarter were $10.1
million. Total net sales increased more than 180% to $21.0 million for the six
months ended June 30, 2004 from $7.4 million for the same period last year. Net
income for the six months ended June 30, 2004 grew more than 270% to $2.86
million or $.0143 per share as compared to net income of $766,238 or $.01 per
share for the first six months of 2003.
The increase in net sales and net income were do to organic growth and the
successful integration of the Company's acquisition of KCA Garment Industries.
Javeed Matin, Chairman and CEO stated, "We are excited by the tremendous success
we have had in integrating our acquisition, growing our core business and
increasing profitability. Additionally, in order to accelerate our growth we
have hired advisors to help the Company explore its strategic alternatives."
Veltex sales in 2003 totaled $19.99 million, Company sales in 2002 totaled $13.9
million, and sales in 2001 were $8.7 million. Audited financial statements for
the Company's 2001 and 2002 results are available at the investor relations
section of the Company's website.
Veltex Corporation is a vertical manufacturing, import and distribution company
composed of three divisions: Veltex Apparel, specializing in caps, apparel and
apparel accessories for the Promotional Products Industry; Velvet Textile Mills,
specializing in the manufacture of high quality fabrics including velvets, 100%
cotton twill, denim, sheeting for consumer and industrial products; and KCA
Garment Industries, specializing in the manufacture of garments.
www.veltexcorporation.com
Safe Harbor: Except for historical information contained herein, the statements
in this Press Release are forward-looking statements that are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reforms Act of
1995. Forward-looking statements involve known and unknown risks and
uncertainties which may cause the company's actual results in future periods to
differ materially from forecasted results. These risks and uncertainties
include, among other things, volatility of market prices, product demand, market
competition, risks inherent in the Company's international operations, and the
Company's ability to replace and expand.
For further information, please contact Paul Knopick of E & E Communications,
+1-949-707-5365, pknopick@eandecommunications.com, for Veltex Corporation.
SOURCE Veltex Corporation
CONTACT: Paul Knopick of E & E Communications, +1-949-707-5365,
pknopick@eandecommunications.com, for Veltex Corporation
URL: www.veltexcorporation.com
www.prnewswire.com
Copyright (C) 2004 PR Newswire. All rights reserved.
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